Bradford Allen, a reputable Chicago-based real estate firm, has set its sights on the southeast corner of Arlington Heights and Algonquin roads. Teaming up with architect Moceri + Rozsak, the firm plans to revolutionize this portion of the northwest suburbs through a mixed-use housing development.
The proposed eight-story building will replace a five-story office building and three single-story commercial buildings, long vacant and begging for a fresh lease of life. A total of 300 apartments, from studios to three-bedroom units, will occupy the upper floors. Below them, ground-floor commercial space will serve as a hub for commerce and entertainment. The intent is not only to provide much-needed quality housing but also to breathe new life into the area, making it safer, more dynamic, and fostering a sense of community.
The Daily Herald states that this ambitious project is set to roll out in phases on a sprawling 16-acre lot. The developers are considering two more apartment buildings of similar scale, or potentially a 200-room hotel. The final decision rests on several factors, including property acquisitions from existing establishments such as the Guitar Center and an office complex.
While the entire project could span up to eight years, Bradford Allen is already making strides in the renovation of a five-story, 153,000-square-foot former Daily Herald building. The firm is repurposing this space for medical office use, demonstrating a commitment to versatile and forward-thinking development.
The mixed-use project has received initial support from Arlington Heights officials. Trustee Jim Tinaglia has expressed a positive stance towards the high-density plan, albeit voicing minor concerns regarding parking provisions for retail businesses. Trustee Nicolle Grasse commends the project's commitment to affordable housing and sustainable features, such as a green roof and solar panels. Trustee Robin LaBedz lauds the smart design of the development, with parking spaces subtly incorporated into the layout, though she does emphasize the need for a market study to validate demand for the apartments.
As part of the project's first phase, the developers plan to include:
- 300 apartments
- A mix of 48 studios, 150 one-bedroom units, 90 two-bedrooms, and 12 three-bedroom apartments
- Rent prices are expected to range from $1,500 to $4,000 per month, catering to various income levels
- 10% of the apartments will be set aside for residents earning 60% or less of the area median income, aligning with the village's inclusionary housing ordinance
- 25,000 square feet of ground-floor commercial space
Bradford Allen is also engaging with businesses such as Guitar Center, envisioning their relocation to the first floor of the new building, along with other service-oriented retail uses and restaurants. This move is expected to inject vibrancy into the commercial space and cater to the daily needs of residents and visitors alike.
The transformative project is currently in the early stages, with formal plans yet to be submitted to village hall. Upon approval, construction could start as early as next spring and take approximately 18 months. This redevelopment stands as a beacon of the potential for mixed-use projects in the commercial construction industry, creating a perfect blend of residential and commercial opportunities while rejuvenating the community.
DataBid is currently reporting on this project - Arlington Heights & Algonquin Roads Residential Development - Arlington Heights (0002062323)